Estate of Sumner v. Commissioner
United States Tax Court
Decedent established a testamentary trust, which was to distribute income to charitable and noncharitable beneficiaries and the remainder to charity. The trustee was given certain discretionary powers with respect to the investment of trust property, the payment of certain obligations, and the allocation of receipts between income and principal.
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Decedent established a testamentary trust, which was to distribute income to charitable and noncharitable beneficiaries and the remainder to charity. The trustee was given certain discretionary powers with respect to the investment of trust property, the payment of certain obligations, and the allocation of receipts between income and principal. The decedent also provided his wife with the election to take under his will if she would surrender her interest in certain community property. She so elected, and the value of property interest which she surrendered exceeded the value of the property…
1Opinion of the Court
Estate of Mose Sumner, Deceased, Citizens National Bank and Trust Company of Baytown, Independent Executor, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Sumner v. Commissioner
Docket No. 5439-70
United States Tax Court
59 T.C. 837; 1973 U.S. Tax Ct. LEXIS 157; 59 T.C. No. 82;
March 19, 1973, Filed
Decision will be entered under Rule 50.
Decedent established a testamentary trust, which was to distribute income to charitable and noncharitable beneficiaries and the remainder to charity. The trustee was given certain discretionary powers with respect to the investment of trust…
2Cases cited28 opinions
- Ithaca Trust Co. v. United StatesSupreme Court of the United States · 1929
- Henslee v. Union Planters National Bank & Trust Co.Supreme Court of the United States · 1949
- Commissioner v. Estate of SternbergerSupreme Court of the United States · 1955
- United States v. StapfSupreme Court of the United States · 1964
- Boyd v. Frost National Bank of S.A.Texas Supreme Court · 1946
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